Market research future published a half cooked research report on Global Wave and Tidal Energy Market. The wave and tidal energy market is expected to grow over the CAGR of around 10.2% during the period 2017 to 2023.

Market research future published a half cooked research report on Global Wave and Tidal Energy Market. The wave and tidal energy market is expected to grow over the CAGR of around 10.2% during the period 2017 to 2023.

Market Highlights

The ocean energy conversion to electricity could play an important role in meeting the rising global energy demand, mitigating climate change, diversifying global energy supply and boosting energy industry economic activity. Wave energy is generated when the wind blows over the ocean’s surface, which itself is a function of temperature and pressure differences across the globe caused by the distribution of solar energy from the Sun. Wave energy carries both kinetic and gravitational potential energy, the level of which is a function of both the height and period of the wave. Harnessing this energy using a wave energy convertor (WEC) can in turn generate electricity that can be supplied to remote coastal regions that cannot be connected to the grid.

On the other hand, oceanic tides are the function of the motion of the moon and sun relative to the earth. These gravitational forces in combination with the rotation of the earth on its axis cause periodic movements of the oceans and seas. The energy potential of tidal currents is typically located in areas with the greatest tidal range.

Global Wave and Tidal Energy Market is predicted to grow at approximately 10.2% by 2023

The market has been analyzed based on types, and by regions. On the basis of type, the global tidal and wave energy market has been segmented as wave and tidal energy. The global tidal energy is further segmented into tidal stream energy and tidal range energy. The tidal energy is a mature form of energy and requires construction of tidal barrages.

Europe region is expected to dominate the market

Based on the regions, the market is analyzed across four key regions, North America, Europe, Asia-Pacific and Rest of the World. The Europe region is expected to dominate the overall market with increasing number of proposed wave and tidal energy projects across U.K., France and Scotland. In the Asia-Pacific region, South Korea is expected to witness the fastest growth rate in the market, owing to high harnessing of wave and tidal energy by large scale installation of tidal barrages. Also, in the Asia Pacific region, Australia is projected to drive the wave and tidal energy market and it expected to deploy generating capacity of about 25 MW by 2020.

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